Cognyte Software Ltd Class Action Lawsuit - CGNT
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The Cognyte class action lawsuit seeks to represent purchasers of Cognyte Software Ltd (NASDAQ: CGNT) common stock between February 2, 2021 and June 28, 2022, inclusive (the “Class Period”). Captioned City of Omaha Police and Firefighters Retirement System v. Cognyte Software Ltd, No. 23-cv-01769 (S.D.N.Y.), the Cognyte class action lawsuit charges Cognyte and certain of Cognyte’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Cognyte class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Cognyte class action lawsuit must be filed with the court no later than May 1, 2023.
CASE ALLEGATIONS: Cognyte is an Israeli-based security analytics software company.
The Cognyte class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Cognyte created, distributed, and provided reconnaissance tools and services that violated community standards and terms of service of communication network sources and technologies, like Facebook, exposing Cognyte to significant financial and reputational risk.
On December 16, 2021, Meta Platforms Inc., the parent company of Facebook and Instagram, issued a “Threat Report” which revealed that Cognyte “sells access to its platform which enables managing fake accounts across social media platforms including Facebook, Instagram, YouTube, and VKontakte (VK), and other websites to social-engineer people and collect data.” This conduct “violated multiple Community Standards and Terms of Service,” and “[g]iven the severity of their violations,” Meta disabled Cognyte’s ability to use its platforms, among other things. On this news, Cognyte’s common stock price declined more than 5%.
Then, on April 5, 2022, Cognyte revealed that it was forced to modify its solutions in response to the Threat Report. Cognyte also announced disappointing financial results and guidance. On this news, Cognyte’s common stock price declined more than 31%.
Finally, on June 28, 2022, Cognyte released its first quarter 2022 financial results which badly missed analyst estimates across the board. Analysts immediately downgraded Cognyte’s rating and reduced price targets. On this news, Cognyte’s common stock price declined more than 28%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Cognyte common stock during the Class Period to seek appointment as lead plaintiff in the Cognyte class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Cognyte class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Cognyte class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Cognyte class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.